UPDATE: Berenberg Downgrades Syngenta (SYT) to Hold
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Berenberg downgraded Syngenta (NYSE: SYT) from Buy to Hold.
Analyst John Philipp Klein said, "Syngenta’s share price has lost 12% over the past 12 months, driven by significant earnings downgrades of more than 20% for 2014 and 2015 EPS. We believe that Syngenta’s earnings outlook is challenged by further market-share loss in North American corn seeds, a cost base exposed to appreciating currencies, and a comparatively weak product pipeline. With a 2012-16E EPS CAGR of now only 4% and a delayed margin expansion, we think that Syngenta is fairly valued at 15.4x 2015 earnings – a multiple based on crop protection rather than seeds."
Shares of Syngenta closed at $72.57 yesterday.
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